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which¡¡established¡¡them¡£
¡¡¡¡¡¡¡¡¡¡The¡¡two¡¡sorts¡¡of¡¡restraints¡¡upon¡¡importation
above¡mentioned£»¡¡together¡¡with¡¡these¡¡four¡¡encouragements¡¡to
exportation£»¡¡constitute¡¡the¡¡six¡¡principal¡¡means¡¡by¡¡which¡¡the
commercial¡¡system¡¡proposes¡¡to¡¡increase¡¡the¡¡quantity¡¡of¡¡gold¡¡and
silver¡¡in¡¡any¡¡country¡¡by¡¡turning¡¡the¡¡balance¡¡of¡¡trade¡¡in¡¡its
favour¡£¡¡I¡¡shall¡¡consider¡¡each¡¡of¡¡them¡¡in¡¡a¡¡particular¡¡chapter£»
and¡¡without¡¡taking¡¡much¡¡further¡¡notice¡¡of¡¡their¡¡supposed¡¡tendency
to¡¡bring¡¡money¡¡into¡¡the¡¡country£»¡¡I¡¡shall¡¡examine¡¡chiefly¡¡what¡¡are
likely¡¡to¡¡be¡¡the¡¡effects¡¡of¡¡each¡¡of¡¡them¡¡upon¡¡the¡¡annual¡¡produce
of¡¡its¡¡industry¡£¡¡According¡¡as¡¡they¡¡tend¡¡either¡¡to¡¡increase¡¡or
diminish¡¡the¡¡value¡¡of¡¡this¡¡annual¡¡produce£»¡¡they¡¡must¡¡evidently
tend¡¡either¡¡to¡¡increase¡¡or¡¡diminish¡¡the¡¡real¡¡wealth¡¡and¡¡revenue
of¡¡the¡¡country¡£
¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡CHAPTER¡¡II
Of¡¡Restraints¡¡upon¡¡the¡¡Importation¡¡from¡¡Foreign¡¡Countries¡¡of¡¡such
Goods¡¡as¡¡can¡¡be¡¡produced¡¡at¡¡Home¡¡
¡¡¡¡¡¡¡¡¡¡BY¡¡restraining£»¡¡either¡¡by¡¡high¡¡duties¡¡or¡¡by¡¡absolute
prohibitions£»¡¡the¡¡importation¡¡of¡¡such¡¡goods¡¡from¡¡foreign
countries¡¡as¡¡can¡¡be¡¡produced¡¡at¡¡home£»¡¡the¡¡monopoly¡¡of¡¡the¡¡home
market¡¡is¡¡more¡¡or¡¡less¡¡secured¡¡to¡¡the¡¡domestic¡¡industry¡¡employed
in¡¡producing¡¡them¡£¡¡Thus¡¡the¡¡prohibition¡¡of¡¡importing¡¡either¡¡live
cattle¡¡or¡¡salt¡¡provisions¡¡from¡¡foreign¡¡countries¡¡secures¡¡to¡¡the
graziers¡¡of¡¡Great¡¡Britain¡¡the¡¡monopoly¡¡of¡¡the¡¡home¡¡market¡¡for
butcher's¡¡meat¡£¡¡The¡¡high¡¡duties¡¡upon¡¡the¡¡importation¡¡of¡¡corn£»
which¡¡in¡¡times¡¡of¡¡moderate¡¡plenty¡¡amount¡¡to¡¡a¡¡prohibition£»¡¡give¡¡a
like¡¡advantage¡¡to¡¡the¡¡growers¡¡of¡¡that¡¡commodity¡£¡¡The¡¡prohibition
of¡¡the¡¡importation¡¡of¡¡foreign¡¡woollens¡¡is¡¡equally¡¡favourable¡¡to
the¡¡woollen¡¡manufacturers¡£¡¡The¡¡silk¡¡manufacture£»¡¡though
altogether¡¡employed¡¡upon¡¡foreign¡¡materials£»¡¡has¡¡lately¡¡obtained
the¡¡same¡¡advantage¡£¡¡The¡¡linen¡¡manufacture¡¡has¡¡not¡¡yet¡¡obtained
it£»¡¡but¡¡is¡¡making¡¡great¡¡strides¡¡towards¡¡it¡£¡¡Many¡¡other¡¡sorts¡¡of
manufacturers¡¡have£»¡¡in¡¡the¡¡same¡¡manner£»¡¡obtained¡¡in¡¡Great
Britain£»¡¡either¡¡altogether¡¡or¡¡very¡¡nearly£»¡¡a¡¡monopoly¡¡against
their¡¡countrymen¡£¡¡The¡¡variety¡¡of¡¡goods¡¡of¡¡which¡¡the¡¡importation
into¡¡Great¡¡Britain¡¡is¡¡prohibited£»¡¡either¡¡absolutely£»¡¡or¡¡under
certain¡¡circumstances£»¡¡greatly¡¡exceeds¡¡what¡¡can¡¡easily¡¡be
suspected¡¡by¡¡those¡¡who¡¡are¡¡not¡¡well¡¡acquainted¡¡with¡¡the¡¡laws¡¡of
the¡¡customs¡£
¡¡¡¡¡¡¡¡¡¡That¡¡this¡¡monopoly¡¡of¡¡the¡¡home¡¡market¡¡frequently¡¡gives¡¡great
encouragement¡¡to¡¡that¡¡particular¡¡species¡¡of¡¡industry¡¡which¡¡enjoys
it£»¡¡and¡¡frequently¡¡turns¡¡towards¡¡that¡¡employment¡¡a¡¡greater¡¡share
of¡¡both¡¡the¡¡labour¡¡and¡¡stock¡¡of¡¡the¡¡society¡¡than¡¡would¡¡otherwise
have¡¡gone¡¡to¡¡it£»¡¡cannot¡¡be¡¡doubted¡£¡¡But¡¡whether¡¡it¡¡tends¡¡either
to¡¡increase¡¡the¡¡general¡¡industry¡¡of¡¡the¡¡society£»¡¡or¡¡to¡¡give¡¡it
the¡¡most¡¡advantageous¡¡direction£»¡¡is¡¡not£»¡¡perhaps£»¡¡altogether¡¡so
evident¡£
¡¡¡¡¡¡¡¡¡¡The¡¡general¡¡industry¡¡of¡¡the¡¡society¡¡never¡¡can¡¡exceed¡¡what
the¡¡capital¡¡of¡¡the¡¡society¡¡can¡¡employ¡£¡¡As¡¡the¡¡number¡¡of¡¡workmen
that¡¡can¡¡be¡¡kept¡¡in¡¡employment¡¡by¡¡any¡¡particular¡¡person¡¡must¡¡bear
a¡¡certain¡¡proportion¡¡to¡¡his¡¡capital£»¡¡so¡¡the¡¡number¡¡of¡¡those¡¡that
can¡¡be¡¡continually¡¡employed¡¡by¡¡all¡¡the¡¡members¡¡of¡¡a¡¡great¡¡society
must¡¡bear¡¡a¡¡certain¡¡proportion¡¡to¡¡the¡¡whole¡¡capital¡¡of¡¡that
society£»¡¡and¡¡never¡¡can¡¡exceed¡¡that¡¡proportion¡£¡¡No¡¡regulation¡¡of
commerce¡¡can¡¡increase¡¡the¡¡quantity¡¡of¡¡industry¡¡in¡¡any¡¡society
beyond¡¡what¡¡its¡¡capital¡¡can¡¡maintain¡£¡¡It¡¡can¡¡only¡¡divert¡¡a¡¡part
of¡¡it¡¡into¡¡a¡¡direction¡¡into¡¡which¡¡it¡¡might¡¡not¡¡otherwise¡¡have
gone£»¡¡and¡¡it¡¡is¡¡by¡¡no¡¡means¡¡certain¡¡that¡¡this¡¡artificial
direction¡¡is¡¡likely¡¡to¡¡be¡¡more¡¡advantageous¡¡to¡¡the¡¡society¡¡than
that¡¡into¡¡which¡¡it¡¡would¡¡have¡¡gone¡¡of¡¡its¡¡own¡¡accord¡£
¡¡¡¡¡¡¡¡¡¡Every¡¡individual¡¡is¡¡continually¡¡exerting¡¡himself¡¡to¡¡find¡¡out
the¡¡most¡¡advantageous¡¡employment¡¡for¡¡whatever¡¡capital¡¡he¡¡can
command¡£¡¡It¡¡is¡¡his¡¡own¡¡advantage£»¡¡indeed£»¡¡and¡¡not¡¡that¡¡of¡¡the
society£»¡¡which¡¡he¡¡has¡¡in¡¡view¡£¡¡But¡¡the¡¡study¡¡of¡¡his¡¡own¡¡advantage
naturally£»¡¡or¡¡rather¡¡necessarily£»¡¡leads¡¡him¡¡to¡¡prefer¡¡that
employment¡¡which¡¡is¡¡most¡¡advantageous¡¡to¡¡the¡¡society¡£
¡¡¡¡¡¡¡¡¡¡First£»¡¡every¡¡individual¡¡endeavours¡¡to¡¡employ¡¡his¡¡capital¡¡as
near¡¡home¡¡as¡¡he¡¡can£»¡¡and¡¡consequently¡¡as¡¡much¡¡as¡¡he¡¡can¡¡in¡¡the
support¡¡of¡¡domestic¡¡industry£»¡¡provided¡¡always¡¡that¡¡he¡¡can¡¡thereby
obtain¡¡the¡¡ordinary£»¡¡or¡¡not¡¡a¡¡great¡¡deal¡¡less¡¡than¡¡the¡¡ordinary
profits¡¡of¡¡stock¡£
¡¡¡¡¡¡¡¡¡¡Thus£»¡¡upon¡¡equal¡¡or¡¡nearly¡¡equal¡¡profits£»¡¡every¡¡wholesale
merchant¡¡naturally¡¡prefers¡¡the¡¡home¡¡trade¡¡to¡¡the¡¡foreign¡¡trade¡¡of
consumption£»¡¡and¡¡the¡¡foreign¡¡trade¡¡of¡¡consumption¡¡to¡¡the¡¡carrying
trade¡£¡¡In¡¡the¡¡home¡¡trade¡¡his¡¡capital¡¡is¡¡never¡¡so¡¡long¡¡out¡¡of¡¡his
sight¡¡as¡¡it¡¡frequently¡¡is¡¡in¡¡the¡¡foreign¡¡trade¡¡of¡¡consumption¡£¡¡He
can¡¡know¡¡better¡¡the¡¡character¡¡and¡¡situation¡¡of¡¡the¡¡persons¡¡whom
he¡¡trusts£»¡¡and¡¡if¡¡he¡¡should¡¡happen¡¡to¡¡be¡¡deceived£»¡¡he¡¡knows
better¡¡the¡¡laws¡¡of¡¡the¡¡country¡¡from¡¡which¡¡he¡¡must¡¡seek¡¡redress¡£
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were£»¡¡divided¡¡between¡¡two¡¡foreign¡¡countries£»¡¡and¡¡no¡¡part¡¡of¡¡it¡¡is
ever¡¡necessarily¡¡brought¡¡home£»¡¡or¡¡placed¡¡under¡¡his¡¡own¡¡immediate
view¡¡and¡¡command¡£¡¡The¡¡capital¡¡which¡¡an¡¡Amsterdam¡¡merchant¡¡employs
in¡¡carrying¡¡corn¡¡from¡¡Konigsberg¡¡to¡¡Lisbon£»¡¡and¡¡fruit¡¡and¡¡wine
from¡¡Lisbon¡¡to¡¡Konigsberg£»¡¡must¡¡generally¡¡be¡¡the¡¡one¡¡half¡¡of¡¡it
at¡¡Konigsberg¡¡and¡¡the¡¡other¡¡half¡¡at¡¡Lisbon¡£¡¡No¡¡part¡¡of¡¡it¡¡need
ever¡¡come¡¡to¡¡Amsterdam¡£¡¡The¡¡natural¡¡residence¡¡of¡¡such¡¡a¡¡merchant
should¡¡either¡¡be¡¡at¡¡Konigsberg¡¡or¡¡Lisbon£»¡¡and¡¡it¡¡can¡¡only¡¡be¡¡some
very¡¡particular¡¡circumstances¡¡which¡¡can¡¡make¡¡him¡¡prefer¡¡the
residence¡¡of¡¡Amsterdam¡£¡¡The¡¡uneasiness£»¡¡however£»¡¡which¡¡he¡¡feels
at¡¡being¡¡separated¡¡so¡¡far¡¡from¡¡his¡¡capital¡¡generally¡¡determines
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for¡¡the¡¡market¡¡of¡¡Lisbon£»¡¡and¡¡of¡¡the¡¡Lisbon¡¡goods¡¡which¡¡he
destines¡¡for¡¡that¡¡of¡¡Konigsberg£»¡¡to¡¡Amsterdam£º¡¡and¡¡though¡¡this
necessarily¡¡subjects¡¡him¡¡to¡¡a¡¡double¡¡charge¡¡of¡¡loading¡¡and
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his¡¡own¡¡view¡¡and¡¡command£»¡¡he¡¡willingly¡¡submits¡¡to¡¡this
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always¡¡the¡¡emporium£»¡¡or¡¡general¡¡market£»¡¡for¡¡the¡¡goods¡¡of¡¡all¡¡the
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merchant£»¡¡in¡¡the¡¡same¡¡manner£»¡¡who¡¡is¡¡engaged¡¡in¡¡the¡¡foreign¡¡trade
of¡¡consumption£»¡¡when¡¡he¡¡collects¡¡goods¡¡for¡¡foreign¡¡markets£»¡¡will
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great¡¡a¡¡part¡¡of¡¡them¡¡at¡¡home¡¡as¡¡he¡¡can¡£¡¡He¡¡saves¡¡himself¡¡the¡¡risk
and¡¡trouble¡¡of¡¡exportation£»¡¡when£»¡¡so¡¡far¡¡as¡¡he¡¡can£»¡¡he¡¡thus
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in¡¡the¡¡carrying¡¡trade¡£¡¡Upon¡¡equal£»¡¡or¡¡only¡¡nearly¡¡equal¡¡profits£»
therefore£»¡¡every¡¡individual¡¡naturally¡¡inclines¡¡to¡¡employ¡¡his
capital¡¡in¡¡the¡¡manner¡¡in¡¡which¡¡it¡¡is¡¡likely¡¡to¡¡afford¡¡the
greatest¡¡support¡¡to¡¡domestic¡¡industry£»¡¡and¡¡to¡¡give¡¡revenue¡¡and
employment¡¡to¡¡the¡¡greatest¡¡number¡¡of¡¡people¡¡of¡¡his¡¡own¡¡country¡£
¡¡¡¡¡¡¡¡¡¡Secondly£»¡¡every¡¡individual¡¡who¡¡employs¡¡his¡¡capital¡¡in¡¡the
support¡¡of¡¡domestic¡¡industry£»¡¡necessarily¡¡endeavours¡¡so¡¡to¡¡direct
that¡¡industry¡¡that¡¡its¡¡produce¡¡may¡¡be¡¡of¡¡the¡¡greatest¡¡possible
value¡£
¡¡¡¡¡¡¡¡¡¡The¡¡produce¡¡of¡¡industry¡¡is¡¡what¡¡it¡¡a